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The bulk of this year's capex for Portugal's Galp Energía will go to Brazil, CFO Filipe Silva announced on Tuesday.
Company E&P executive director Thore Kristiansen added that first oil from Lula South is expected by the end of the first quarter, and first oil from Lula North by end-2017/early-2018.
Kristiansen highlighted lower shorter ramp-up periods for Brazil FPSOs supported by higher productivity and faster well connections.
"Brazil is giving positive signs to the industry, is taking the adequate measures that will strengthen the oil and gas industry," said CEO Carlos Gomes da Silva.
Galp's Brazil 4Q16 production rose year on year to 75,800boe/d due to the contribution of FPSOs #4, #5 and #6, according to the company's latest earnings report.